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Technology Stocks : Amazon.com, Inc. (AMZN)
AMZN 217.15-2.5%Nov 20 3:59 PM EST
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To: dbblg who wrote (80237)10/12/1999 9:21:00 AM
From: Eric Wells  Read Replies (1) of 164684
 
Ganesh - I haven't read the Barron's piece in its entirety - I've only read what has been posted on this thread.

I think the real issue is that exuberance causes investors to interpret any earnings report that comes in at least a cent or two above the whisper number as spectacular - regardless of where the earnings are coming from. And such exuberance causes a stock to skyrocket on such a report. Yahoo's report last week was a classic case - investors saw a number that was 3 cents above the whisper and the stock rose nearly 10%. Yet in reality, 2.5 of those 3 cents were from investment income. Yahoo bulls will then point to the strong revenue growth - but no one really knows where that revenue is coming from (it appears to be mostly from advertising).

In short, as I've stated so many times, I think many stocks (especially the internets) have gotten way ahead of themselves. Rarely do you see a bull on this thread or any of the other more popular SI threads devoted to internet stocks (YHOO, AOL, etc.) ever write anything to the effect of "you know, I think this stock may have gone up enough". Instead, most are writing about how such stocks will go higher and higher - AMZN 100+, YHOO 300, AOL 200 - no one ever talks about the why or how - the tone is more along the lines of "just go up so that we can all be rich."

Thanks,
-Eric
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